Schedule
Materials appear here as we reach each lecture. For materials grouped by module, see the Content pages. Readings refer to sections of The Economy 2.0: Microeconomics. Quizzes are given at the start of class on the dates marked below.
Slides Worksheet (PDF) Notes (PDF) Practice
| Module | Date | Topic | Reading | Materials |
|---|---|---|---|---|
| The Big Picture | Mon 8/24 | Introduction to the course | ||
| Wed 8/26 | The capitalist takeoff: Prosperity and its shadows | 1.1–1.5; 1.8–1.10 | ||
| The Economist's Toolkit | Mon 8/31 | Quiz 1; Making economic decisions: Opportunity cost, rents, and incentives | 2.2 | |
| Wed 9/2 | Why do markets matter? Specialization and comparative advantage | 2.3 | ||
| Mon 9/7 | Labor Day (campus closed) | |||
| Firms as Price Setters | Wed 9/9 | Quiz 2; Winning brands and the price of Cheerios | 7.1–7.2 | |
| Mon 9/14 | What does it cost to make a car? Scale and the cost of production | 7.3–7.4 | ||
| Wed 9/16 | Who can get away with raising prices? Demand and elasticity | 7.5 | ||
| Mon 9/21 | Quiz 3; Steak, ramen, and recessions: Other elasticities | |||
| Wed 9/23 | Sweet spot: Choosing the price and quantity that maximize profit | 7.6 | ||
| Mon 9/28 | Quiz 4; The surplus from a sale and who captures it | 7.7 | ||
| Wed 9/30 | Leaving gains on the table: Pareto efficiency and deadweight loss | 7.7 | ||
| Mon 10/5 | Quiz 5; Standing out from the crowd: Market power, differentiation, and natural monopoly | 7.8–7.9; 7.11 | ||
| Wed 10/7 | Price wars: Strategic price setting and competition policy | 7.10; 4.2–4.3; 7.12 | ||
| Mon 10/12 | Midterm 1 | |||
| Markets with Many Buyers and Sellers | Wed 10/14 | Classroom market experiment | ||
| Mon 10/19 | Cotton, war, and world markets: Supply and demand | 8.1–8.2 | ||
| Wed 10/21 | Taking prices as given: Firms and consumers in competitive markets | 8.3–8.4 | ||
| Mon 10/26 | Quiz 6; Who gets what: Allocation, distribution, and the gains from trade | 8.5 | ||
| Wed 10/28 | The quinoa boom: Shifts in supply and demand | 8.6 | ||
| Mon 11/2 | Quiz 7; Oil booms and busts: Market dynamics in the short run and long run | 8.7–8.10 | ||
| Wed 11/4 | Salt taxes and rent control: Governments in the market | 8.12–8.13 | ||
| Mon 11/9 | Midterm 2 | |||
| Wed 11/11 | Veterans Day (campus closed) | |||
| Market Successes and Failures | Mon 11/16 | Writing 1; Bananas, fish, and cancer: Private vs. social value wedge | 10.1–10.2 | |
| Wed 11/18 | Closing the wedge: Property rights, bargaining, and regulation | 10.3–10.5 | ||
| Mon 11/23 | Fall Recess (no classes) | |||
| Wed 11/25 | Fall Recess (no classes) | |||
| Mon 11/30 | Quiz 8; Free riders and empty oceans: Public goods and common resources | 10.6–10.7 | ||
| Wed 12/2 | The limits of markets | 10.8–10.11 | ||
| Review | Mon 12/7 | Writing 2; Review and Synthesis I | ||
| Wed 12/9 | Review and Synthesis II | |||
| Mon 12/14 | Final exam (1:00–2:50 PM) | |||